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    UK court sanctions Amigo's scheme that allows for two alternative outcomes
    2022-07-07

    The court sanctioned one of two potential schemes of arrangement for Amigo Loans Ltd (Amigo) and approved a plan that provided for two possible outcomes.

    Background

    Amigo provided guarantor loans to customers with poor credit scores. Amigo owed customers and the Financial Ombudsman Service £375 million for customer complaints and was insolvent.

    Filed under:
    United Kingdom, Banking, Insolvency & Restructuring, Litigation, Trade & Customs, Taylor Wessing, Financial Conduct Authority (UK)
    Authors:
    Kate Hamblin
    Location:
    United Kingdom
    Firm:
    Taylor Wessing
    Relief for debtors in Autumn 2022 in Czech Republic
    2022-07-07

    While the Czech government has not yet enacted the June 2019 EU Directive on restructuring and insolvency, it has proposed another debt relief measure, the Milostivé léto or 'Debt Jubilee'. This will give debtors the opportunity to discharge debts owed to the Czech state.

    Background

    The measure will provide relief for debts where interest repayments substantially exceed the principal amount. The measure follows on from the previous 'Debt Jubilee' between 28 October 2021 and 28 January 2022 when 42,000 debt enforcement proceedings were cancelled.

    Filed under:
    Czech Republic, Banking, Insolvency & Restructuring, Taylor Wessing
    Location:
    Czech Republic
    Firm:
    Taylor Wessing
    UK insolvency and national security - new hurdles for distressed M&A
    2021-09-08

    Insolvency practitioners and buyers of distressed assets beware: although the National Security and Investment Act 2021 (NSI Act) will come into effect in the UK on 4 January 2022, it has retrospective power to examine transactions from 12 November 2020.

    Mandatory notification

    Filed under:
    United Kingdom, Banking, Insolvency & Restructuring, Taylor Wessing
    Authors:
    Stephen O'Grady
    Location:
    United Kingdom
    Firm:
    Taylor Wessing
    Het nieuwe beslag- en executierecht
    2021-04-30

    In Nederland is het, vergeleken met omringende landen, vrij eenvoudig om beslag te leggen. De Wet herziening beslag- en executierecht (de ‘Wet’) beoogt het beslag- en executierecht voor schuldeisers eenvoudiger te maken door de mogelijkheden tot digitaal beslag leggen te verruimen. Ook wordt het beslag- en executierecht efficiënter met als gevolg dat schuldeisers minder kosten hoeven te maken om vorderingen te incasseren. Enig tegenwicht biedt de Wet, uitgebreider dan voorheen, door waarborging van het bestaansminimum van natuurlijke personen met schulden.

    Filed under:
    Netherlands, Banking, Insolvency & Restructuring, Litigation, Taylor Wessing
    Location:
    Netherlands
    Firm:
    Taylor Wessing
    Ignorance May Not be Bliss, but it can be Beneficial: Evidence of the Conduct of a Judgment Creditor Can be used in Certain Circumstances to Engage Section 178(1)(d) of the Bankruptcy and Insolvency Act and Protect a Judgment from an Order of Discharge
    2019-03-21

    The Defendant was a dentist who had executed a personal guarantee on July 7, 2011 in favour of the Plaintiff (the "Bank") in order to secure payment of the indebtedness of the Defendant's professional corporation. The Bank made a demand for payment on the guarantee, and subsequently brought an action against the Defendant (the "First Action").The Bank was successful on a motion for summary judgment and judgment was granted against the Defendant.

    Filed under:
    Canada, Banking, Insolvency & Restructuring, Litigation, Borden Ladner Gervais LLP, Bankruptcy and Insolvency Act 1985 (Canada)
    Authors:
    Scott Pollock
    Location:
    Canada
    Firm:
    Borden Ladner Gervais LLP
    Tipping the Scales: Ontario Court of Appeal Confirms the Primacy of Creditors’ Interests when Approving a Receiver’s Sale of Property
    2018-11-02

    One of the most delicate balancing acts that the Courts are asked to perform in Canada is balancing all of the disparate and competing interests in an insolvency process. The Ontario Court of Appeal was asked to review one iteration of this balancing act in Reciprocal Opportunities Incorporated v.

    Filed under:
    Canada, Ontario, Banking, Insolvency & Restructuring, Litigation, Real Estate, Borden Ladner Gervais LLP, Royal Bank of Canada, Court of Appeal for Ontario
    Authors:
    Scott Pollock
    Location:
    Canada
    Firm:
    Borden Ladner Gervais LLP
    Court Clarifies the Scope of Responsibilities in a Bankruptcy when there is a Receiver and an Unauthorized Trustee Active at the Same Time
    2017-08-08

    In Royal Bank of Canada v. Casselman, three motions were brought before the Court. First, a continuation of a motion for approval and directions brought by the receiver. Second, a motion to allow counsel for the debtor to withdraw as lawyer of record. Third, a motion by the Sexton Group Ltd.

    Filed under:
    USA, Banking, Insolvency & Restructuring, Litigation, Borden Ladner Gervais LLP
    Authors:
    Scott Pollock
    Location:
    USA
    Firm:
    Borden Ladner Gervais LLP
    Prior Involvement as Advisor to Debtor Company - Possible Bar to Appointment in Restructuring Proceedings
    2016-05-02

    Financial institutions need to be mindful of the effect of the engagement of financial advisors with respect to their special loan clients.

    Filed under:
    Canada, Ontario, Banking, Insolvency & Restructuring, Litigation, Borden Ladner Gervais LLP, Debtor
    Location:
    Canada
    Firm:
    Borden Ladner Gervais LLP
    If you aren’t successful, can you still get the success fee?
    2012-03-15

    Yes, on the facts in the Chapter 11 proceedings involving Borders, the insolvent bookseller.

    Jefferies & Company, an investment bank, was retained by Borders to pursue reorganisation strategies, including a possible sale of the company’s assets as a going concern. The bank made considerable efforts in flogging the assets, which resulted in an offer from an interested party, but an actual sale of assets did not happen. Jefferies nevertheless claimed the liquidation fee under its agreement with Borders. The company’s creditors opposed this: no sale, no success fee.

    Filed under:
    USA, Banking, Insolvency & Restructuring, Litigation, Borden Ladner Gervais LLP, US District Court for SDNY
    Location:
    USA
    Firm:
    Borden Ladner Gervais LLP
    Secured creditors beware: Crown GST/HST garnishment may trump your security interest in an account receivable
    2012-02-14

    In the recent decision of the Supreme Court of Canada in Toronto-Dominion Bank and Her Majesty the Queen (2012 SCC 1), the Supreme Court succinctly agreed with the reasons of Justice Noël of the Federal Court of Appeal.

    Filed under:
    Canada, Banking, Insolvency & Restructuring, Litigation, Tax, Borden Ladner Gervais LLP, Bankruptcy and Insolvency Act 1985 (Canada), Supreme Court of Canada, Federal Court of Appeal (Canada), Quebec Court of Appeal
    Authors:
    Roger Jaipargas
    Location:
    Canada
    Firm:
    Borden Ladner Gervais LLP

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